To meet these challenges and maintain a competitive advantage, institutions are optimizing their processes. Leaders of the world’s biggest banks regularly offer reassurance to shareholders that they remain focused on process transformation initiatives.
By focusing on process excellence, some of the biggest names in FSI have managed to keep pace with the rapidly changing banking landscape, while achieving outcomes like:
- 50% reduction in waiting time of credit approval
- 34% reduction in wait time for customers
- 100 days saved in credit time-to-recover
- 30% reduction in cycle time in cross-border payments
Pioneers such as Deutsche Bank have shown that optimizing the thousands of processes that come together to form banking operations leads to a step change in operating efficiency and a customer-experience boost that sets them apart from peers.
However, many banks still lack an understanding of the complexity and interconnectedness of these processes – and the importance of using AI-powered Process Intelligence to optimize them.